The far-eastern state of Maine represents beginnings. Hikers in Acadia National Park are the first in the country to see the sun rise each morning. The long Appalachian Trail that follows the crest of the mountain range through most eastern states down into Georgia starts at Mt. Katahdin. The 2,000-mile Interstate 95, one of the country’s busiest thoroughfares, starts at Maine’s border with Canada. There are many industries that can benefit from using factoring companies in Maine.
Factoring in Maine
Maine is also home to many businesses in their beginning stages, including startup firms in a variety of industries. Many established companies are also poised for new growth – with opportunities to expand their staff and facilities, increase their sales and marketing, or build their inventory. However, when companies lack the working capital to expand because they are waiting 30, 60, or even 90 days for their customers to pay, growth plans can be stopped before they get started. To speed up their cash flow, a growing number of companies in Maine are beginning to turn to factoring, an alternative funding source that does not require them to take out loans or incur debts.
The companies sell their invoices to a factoring firm, which pays them most of the value of each invoice. The factoring firm then collects directly from the company’s customers and sends on the balance of the amount, minus a small factoring fee, once the invoice is paid in full. Companies can use this infusion of cash for operating expenses or growing the business. Factoring brings the opportunities for new beginnings to business owners in Maine.
Maine Factoring by Industry
- Agriculture, especially blueberries, potatoes, poultry
- Wood products and paper
- Commercial fishing